Morning News Call - India, March 7

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FACTORS TO WATCH
9:00 am: Electronics & IT Minister Ravi Shankar Prasad to inaugurate 3-day
conference on electronic governance in New Delhi.
10:00 am: SEBI member G.Mahalingam and private equity firm heads at IVCA’s
annual conclave in New Delhi.
11:00 am: Prime Minister Narendra Modi to release special commemorative
postage stamp on 100 years of Yogoda Satsang Math in New Delhi.
12:00 pm: ICRA webinar on key takeaways from union budget for state
government finances in Mumbai.
LIVECHAT-COMMODITIES OUTLOOK
Commodity prices are around 45 percent above their most recent lows in late
2015. China seems to be staging a recovery and its demand for commodities is on
the upswing once again. Clyde Russell, Reuters Asia Commodities and Energy
Columnist, joins us at 09.30 am to discuss the next cues to watch including OPEC
output, copper supply shortages, China's clampdown on low quality iron ore and
U.S. President Trump's policy uncertainties. To join the conversation, click on
the link: here
INDIA TOP NEWS
• CERAWEEK-India looks for 'right prices' to boost LNG, crude imports from
U.S.
India might increase imports of liquefied natural gas from the United States
at the right price, the oil minister said on Monday, even though some buyers in
the South Asian country are trying to get rid of costly U.S. supplies.
• Tech Mahindra to buy U.S. healthcare IT firm CJS for $110 mln
Tech Mahindra Ltd, India's fourth biggest software services exporter, will
buy U.S.-based healthcare IT consulting firm CJS Solutions Group for an
enterprise value of $110 million.
• IT services firm stocks dip after govt suspends fast tech visas
Technology services company shares dipped on Monday after the Trump
administration announced it would temporarily suspend expedited applications for
H-1B visas widely used by foreign tech workers.
• Two investor groups vie to buy Italy's Ilva steel plant
Italy's Ilva steel group has received bids from two consortiums for its
loss-making plant in southern Italy, it said on Monday, two years after the
state took it over to save thousands of jobs and clean up the polluted site.
• Tata Steel says in "constructive discussions" with ThyssenKrupp
Tata Steel Ltd is still in talks with Germany's ThyssenKrupp AG about a
potential merger of their European steel assets, the Indian company said on
Monday.
• Indian cabinet approves deal with ADNOC for strategic oil storage
India has approved a deal for Abu Dhabi National Oil Co to fill part of a
strategic oil storage facility, the government said on Monday.
GLOBAL TOP NEWS
• Trump signs revised travel ban in bid to overcome legal challenges
U.S. President Donald Trump signed a revised executive order on Monday
banning citizens from six Muslim-majority nations from traveling to the United
States but removing Iraq from the list, after his controversial first attempt
was blocked in the courts.
• McCain calls on Trump to back up wire-tapping claim
U.S. Senator John McCain on Monday called for President Donald Trump to
release any evidence supporting his claim the Obama administration wiretapped
him while probing Russia's influence in the 2016 election.
• U.S. starts deploying THAAD system in S.Korea after N.Korea missile test
The United States started to deploy the first elements of its advanced
Terminal High Altitude Area Defense anti-missile system to South Korea following
North Korea's test of four ballistic missiles, U.S. Pacific Command said.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures were trading at 8,968.00, trading down 0.07 pct from
its previous close.
• The Indian rupee will likely open little changed to slightly lower against
the dollar, tracking its Asian peers, as the greenback rebounded from recent
losses amid ongoing expectations the Federal Reserve will raise rates this
month.
• Indian government bonds will likely open lower, as investor sentiment
remains subdued amid growing possibility of a U.S. Federal Reserve rate increase
next week. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely
to trade in a 6.85 pct-6.90 pct band today. The paper had settled at 100.71
rupees, yielding 6.87 pct yesterday. The benchmark yield rose 10 basis points,
its highest single-session rise since Feb. 9.
GLOBAL MARKETS
• U.S. stocks pulled back on Monday in a broad decline as investors grew
uneasy over the latest tumult surrounding the Trump administration and
geopolitical tensions emanating from North Korea.
• Asian stocks were listless after Wall Street slipped on concerns about
U.S. President Donald Trump's ability to focus on economic policies, while the
euro slid on fears an anti-European Union candidate may be elected France's next
president.
• The dollar held onto gains, lifted by the Federal Reserve's near-certain
March rate increase, while political uncertainties over the French presidential
election weighed on the euro.
• U.S. Treasury yields were steady in a tight trading range on Monday with
two-year yields holding below a 7-1/2-year peak, as investors made room for this
week's hefty sale of government and corporate bonds.
• Oil prices were little changed for a third session, with investors
searching for direction as concern over rising U.S. shale output offsets
production cuts by OPEC and non-OPEC members.
• Gold prices edged lower on an uptick in the dollar, hovering above the
two-week low hit on Friday amid signals of a hike in U.S. interest rates this
month.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 66.66/66.69 March 6 $84.62 mln $42.12 mln
10-yr bond yield 7.3 pct Month-to-date $202.73 mln -$1.33 mln
Year-to-date $1.76 bln $1.31 bln
For additional data:
India govt bond market volumes
Stock market reports
Non-deliverable forwards data
Corporate debt stories [IN CORPD]
Local market closing/intraday levels [IN SNAPSHOT]
Monthly inflows [INFLOWS RTRS TABLE IN]
($1 = 66.72 Indian rupees)
(Compiled by Erum Khaled in Bengaluru)